Prescott resigned from the Jaguars April 1, having been with the franchise for the 17 seasons since its inception. Former owners sold the team to businessman Shad Khan in late 2011.
Prescott will be a principal in Jacksonville-based Heritage Capital Group, an investment banking and advisory firm formed in 1977.
"The firm and its principals have stellar reputations; and it gives me the opportunity to use my experience to work with companies to help them grow their business through improved profitability, securing capital, or working with owners to realize the value of their business through a sale," Prescott said in an emailed statement.
He said the position allows him and his wife, Kim, to stay in Jacksonville "and continue to work on increasing the vibrancy of downtown, which we think is critical to the economic growth of the region."
Prescott's downtown board service includes Downtown Vision Inc. and Visit Jacksonville and he works with the JAX Chamber on its Downtown Marketing Collaborative.
The Prescotts also organize the monthly "Dine with Us Downtown" events to support restaurants and venues on the Northbank and Southbank.
Heritage Capital Group handles mergers and acquisitions, sales and divestitures, corporate turnarounds and enhanced business performance and value development.
Prescott, 57, becomes the 10th principal of the business. Others include Don Wiggins, Howard Serkin, K.C. Caldabaugh, Asok Chaudhuri, Douglas Kravet, William Nicholson, Matt Laffey, Mac Holley and Michael Case.
As CFO of the Jaguars and senior vice president of stadium operations, he oversaw the financial operations and information technology of the team.
He also served as the liaison for the Jaguars and the city on lease matters, and he oversaw the design and construction of the $63 million renovation of EverBank Field in time for Super Bowl XXXIX, which was played at the stadium on Feb. 6, 2005.
Prescott is a native of the Bronx, N.Y., a graduate of Pace University with a degree in accounting and a master's degree in taxation.
"Bill was extremely important to the success of our purchase of the team in 2011, but his influence in establishing the franchise and creating a strong presence for the Jaguars in the community was certainly felt well before my time here in Jacksonville," Jaguars owner Shad Khan said in an April news release announcing Prescott's departure.
In the April release, Prescott said he was happy to stay on over the following year to help with the team's transition to new ownership.
Prescott is scheduled to speak Oct. 17 to the Association for Corporate Growth about the sale of Jaguars, reported as a $770 million deal.
Former Jacksonville Jaguars Chief Financial Officer Bill Prescott joined Heritage Capital Group on Thursday as a principal.